architecture :: essays research papers

1. Introduction. Northlands rapidly increasing growth in population over the last few years has put huge pressure on the building industry. Many of the building companies and businesses simply cannot find enough staff in order to meet the demand from the ever increasing client base the region is seeing. Due to this, the demand for civil engineers in Northland is very high thus there are a large number of small privately owned companies set up in the area. Richardson Stevens Consultants Ltd. is a privately owned company which is run by three directors. They specialise in structural engineering and their main cliental are a number of home building franchises. They employ structural engineers who have studied civil engineering at university and also draftsmen. Working as an engineer for such a company gives the employee a whole understanding of how the company is run and managed, how problems are dealt with and the rewards of finishing major assignments on time and to a professional standard. 2. Company Structure / Products and Services Richardson Stevens Consultants Ltd. (RSC) was founded in 1997, originally they had one director and employed three structural engineers and a draftsman. It now employs nine engineers, three draftsmen, two secretaries and is run by three directors. The company is based in Whangarei and their work comes from throughout the Northland region. 2.1 Products and Services The majority of the work that RSC perform is structural engineering, however they also do a small amount of geotechnical engineering. As there is no specialist geotech engineer in the office, they have to hand on a lot of their work to offices such as Tonkin Taylor who do have geotechnical engineers. The company does a lot of domestic work for home building franchises such as GJ Gardener homes and Golden homes. Typically this would involve a site investigation first to determine the ground conditions and then make calculations based on these conditions as to what foundations are required. The housing companies all have plans pre-drawn and they sell these to the client. However the clients always want to change something around a bit, so before the housing company can go ahead and build, they come to RSC who do structural calculations in order to determine if the change is ok. RSC also do a lot of work with subdivisions. These involve the civil engineers in the office rather than the structural engineers. Before building consent can be granted to a sub-divider, RSC has to design the roading, sewer, storm-water and the surface drainage.

Work Experience Essay -- Papers

Work Experience Work experience. The first time those words were mentioned I felt a cold shiver slowly descend down my back. Images of spending a week with unknown people in dead-end jobs flooded into my head. It was obviously going to be far too much effort for what it was worth. Yet, another side of me said do I want to be watching paint dry, or even watching grass grow.’ This is not where I want to be. I want to be out, I want to be experiencing, living, running, jumping, eating, playing, screaming, laughing, anything. I had to apply to a company for a two week placement, and this had to be done through proper procedures, so I had to make sure my curriculum vitae was up to date and well presented. I first began to think what type of work experience would I most enjoy and benefit from. I thought I would like to work in a computer related placement since I am doing IT as a GCSE and I have a keen interest in it. I went along to the careers office and talked to the careers teacher but he didn’t quite have what I wanted so I went home and done some research on the internet and found a contact number and e-mail, I phoned the number and asked about any work experience opportunities and they said the best thing was to e-mail my queries to a certain e-mail address. I e-mailed this person and they replied wanting to know what was the exact specification of this work experience. After several e-mails, they told me to send my CV along with a letter of application and so I did. A few weeks later I received a e-mail saying they do not do work experience for GCSE students, but added by saying they were planning to launch such opportunities... ...ing and informative week, I enjoyed every part of it as most of the tasks I comprehended them as challenging. I was made to feel extremely welcome by all of the members of the staff. I found the week very informative because I found out that it is definitely the sort of business I would like to do when I leave school/university. By taking up this work, it had made me feel differently about my career plan as how crucial it really is before this work experience. When I look back at my work experience in about five years time I would like to think of it as â€Å"It was worth every penny†. Also how a great deal it was influential in playing a crucial part in my life when I reflect back! I walked to the train station feeling satisfied with myself. I arrived home feeling rather cheerful and surprisingly looking forward to school.

The Prime Instigator of Conflict Is Fear

When we people feel frightened, it is often that the fright itself is the point when conflict is build. It is not wrong if we say that conflict is not only triggered by fear. There are many things that could cause a conflict, but when you think a bit further, these things are caused none other but by fear. Hatred of one person to the other is generally caused by fear that also brings up anger and envy. Fears of the uncertain future and death also provoke conflict. When people is scared of what others might do to them, they will make the first move and strike without realizing or trying to understand them first which caused a misunderstanding that will again root to conflict. A Moslem, sometimes has a false interpretation when trying to understand their religion. They were trying to fulfill their belief needs, and yet their fear of the American society leads them to terrorize U. S and so started the war between them. The same thing could be applied to the protest against the authority. In ‘The Crucible’, Abigail Williams is the one who initiate conflict in Salem, which results in the death of many innocent people who are falsely accused of witchcraft. Abigail started her lies due to save her name in the village that already blackened, and as the story goes on, to save her life as well. With the arrival of Reverend Hale, the simple matter of ‘dancing in the wood’ could no longer be put behind. Abigail has no other choice but to keep lying, a lie that was once only to save her life is now threatening the whole village and people who are initially not involved in it. She does not hesitate on telling lies, and her true motive is now colored with her fear of losing her former lover. This fear is far greater than her conscience, and eventually devours it. Reverend Paris as a minister has a fright on his own that makes him not doing his job rightfully as the enforcement of justice. For the sake of his name, his family and his occupation, he turned his back on people who need justice. The fear of losing greatly consumes his mind that he willing to sacrifice other people rather than losing his pride, similar to what Abigail does. Judge Danforth is also one who is consumed by fear and would not let go of it. He has seen it that Abigail was a fraud, but he could not admit his wrong doing by hanging those innocent people, instead he declares that John Proctor, Rebecca Nurse and Martha Corey need to be hanged by the next day to save his name. He is terrified of what people might think and do if they knew the truth that there is no witchcraft. These personal conflict which actually happened in their own mind, become a significant global conflict that involved a lot of people when a person with authority possessed it and take action to save themselves. War and terrorism that happened between Iraq and USA is none other created by one simple thing, fear. The reason that based these extremists on 9/11 tragedy is actually the same reason that is used when US had their attack on Iraq. We first thought that it is only natural that US would come with an attack of revenge, but US knew that Iraq is not the place where the bombing on 9/11 came from. Why do people attack one another? What causes human to kill? The answer is always clear, fear. We would not kill, attack, shoot and blow up other people if we weren’t afraid of them. It is true that conflict is generated from fears. This fear devours all conscience and common sense of human that brings out the inner conflict in ourselves. Nonetheless, conflict is our everyday meal for us human. Without conflict, not to mention fear, there will be no development or revolution in human life. But, it is always good to keep our fear and sense in control not letting fear taking charge in our mind. Democracy which arose from conflict, is also originated from the fear of the false-authority or tyranny. This shows that a controlled fear could brings up social justice and goodness in people.

Legal and Ethico Moral Practice of Nurses

Nurses are facing many legal or ethical dilemmas in their career. It is very essential to know what kind of dilemmas nurses may face during their profession and how they have been dealt with in the past. Nurses should combine knowledge of ethical and legal aspects of health care and professional values into nursing practice. It is very essential for the nurses to know the difference between law and ethics.Ethics observes the values and actions of people. On the other hand, laws are necessary rules of conduct. A nurse may be faced with an act that may be ethical but not legal. The purpose of this study was to look into the level of compliance to the Legal and Ethico-Moral responsibilities of Staff Nurses of Selected Tertiary Hospitals in Lucena City and the assessment of their head nurses.To achieve this purpose, the researcher determined the demographic profile of the respondents in terms of age, gender, employment status, educational attainment and length of service; the analysis of the level of compliance in terms to the legal responsibilities and ethico-moral responsibilities and in determining the significant difference between the head nurse assessment of their staff nurse followed and then the significant relationship between the demographic profile and the assessment made by the staff nurses.Using the descriptive correlational and descriptive comparative method of research, the study presented the demographic profile on the level of compliance of staff nurses and head nurses based on the gathered data. The study adapted the questionnaire utilizing the Core Competency Standards for Nursing Practice in the Philippines, PRC-BON Resolution No. 112, s. 2005 and the National Competencies in the Context Entry-Level Registered Nurse by the College of Nurses of Ontario.Simple percentage, weighted mean, t-test and chi-square, and were used in the treatment of the data. The findings of the study revealed that on the profile of respondents, most of the staff nurses belong to 21-30 years old age range, majority were female who were regular or permanent, Bachelor of Science in Nursing degree holder with more than two years of working experience. It was found out that staff nurses complied at all times to the legal responsibility and ethico-moral responsibility.Furthermore, it was drawn that there is significant relationship between the demographic profile of the staff nurse (age, gender, employment status, educational attainment and length of service) and the Level of Compliance to the Legal and Ethico-Moral responsibility. The researcher recommends to the hospital administrator that the result of this study be used to support the conduct of professional and continuing education for staff nurses and to provide adequate, resources, training and development and a more supportive work environment.To the Head Nurses that they do strict monitoring on the clinical area to ensure the compliance of staff nurses to the legal and ethico – moral res ponsibilities. That the staff nurse should be encouraged to continue their nursing education and by participates in the research team of the hospital. . For future researcher, it is recommended to conduct or replicate this study on a larger scale in the public/private tertiary hospitals in other regions of the country, considering the eleven (11) competency standards.

Facilitating Learning And Assessment In Practice

Introduction I am a registered nurse based in a ward that manages spinal and orthopaedic conditions among patients. Currently, I am finalising my training as a qualified mentor. This paper presents a reflective account of my experiences in facilitating, teaching, and assessing student learning during their learning practice. It also highlights the learning outcomes drawn from the experience. Due to ethical considerations of any academic publication, which demands confidentiality, and anonymity of the persons that were actively involved in my encounter, this paper omitted names or used pseudonyms in the development of the account (Polit & Beck, 2008). Practice-based learning provides the students with needed experience, which is an essential aspect of skill development that enhances their ability to effectively interact with clients as well as their families by developing the student’s communication, interpersonal, psychomotor, and technical skills (Myall et al., 2008). Practice-based learning is also an effective opportunity that allows the learners to link theory and practice, which are vital in the learner’s professional development (Zachary, 2011). Furthermore, practice-based learning is essential in a nursing career due to its vocational nature as well as its role in determining the learner’s clinical competency and hence protecting the public from instances of incompetency in nursing practice (NMC, 2008). Through demanding and instilling high standards of professionalism during assessments, practice-based learning makes sure that nursing students are able to effectively practice before they are registere d as nurses (Myall et al., 2008). This demonstration of my eligibility to assess and supervise nursing students in practice coupled with successful completion of this training will allow me to be an effective mentor in nursing (Price, 2007). Therefore, I will be able to actively participate in the development of future nurses that will meet the needs of patients, which are increasing in diversity and complexity (Polit & Beck, 2008). Nursing Standards In order to promote adherence to specific attributes that support assessment and learning in practice, the nursing standards offers specific guidelines that must be met by teachers, practice teachers and mentors (NMC, 2008). Specifically, the fixed requirements cover standards, frameworks, and information on the approaches for assessment in nursing practice. There standards are defined by eight domains including: leadership, evidence-based practice, context of practice, creating a learning environment, learning evaluation, assessment and accountability, learning facilitation, and establishment of valuable working relationships (NMC, 2009). Linking these domains to my own practice, I hold high regard for leadership and formation of useful working relationships. Establishment of good working relationships is essential in nursing as a nurse works together with the patients family in ensuring the best nursing care is provided for the patient (Polit & Beck, 2008; Appendix 1) enhancing the standards of care. Good working relationship is also important in minimizing the negative student experiences building on the student’s competency in practice (NMC, 2008). Consideration of the imperativeness of family-centred approach to nursing care and the promotion of good working relationships demands effective leadership. To be specific, leadership in my case involves influencing others, improving nursing care, and role modelling (NMC, 2009). This demands application of a situational approach to leadership when handling different leadership situations at work. In my work setting, leadership is broad ranging from handling the pa tient’s family issues, which requires participative leadership, or directing a practicing student, which demands assertiveness. However, it is imperative for a nurse to act in the best interest of the patient (Price, 2007) which can best be achieved through autocratic approach to leadership. Consequently, establishment of effective leadership and relationships require knowledge, skill, and experience and are vital in the provision of high-quality nursing care (Myall et al., 2008). There are several professional challenges that I encountered during the assessment which emanated from the complexities related to staffing levels and hastiness in the ward that negatively influence the quality of practice assessment (Polit & Beck, 2008). The sustained pressure from clinical commitments and the limited time availability affects the process of student supervision and assessment during practice-based learning (NMC, 2009). More so, there may be inconsistency in achievement, which affects the process of student assessment with regard to their fitness to practice (NMC, 2008). In other cases, some students in practice-based learning do not conform to the existing support systems for instances of failure limiting their learning and effectiveness of the assessment. In addition, the supervisor may be reluctant to fail an incompetent learner due to perception that he process is too complex or general poor assessment, this also posed a challenge in my practice. The existing nursing standards that guide learning and assessment of students in practice offer frameworks for nursing mentors. However, the document is limited, as it does not consider all competence assessment aspects (Myall et al., 2008). Therefore, some forms of assessment are subjective as much as the framework for assessment is provided due to the intrinsic nature of the nursing profession and the variations in nursing skill-set to be assessed. It is challenging to establish a comprehensive assessment of competency especially due to learners’ spontaneous action to utilise their skills, knowledge, and attitude from an emotional intelligence perspective (Bradshaw & Merriman, 2008). These issues are enhanced in situations where a mentor fails to fail instances of incompetency among learners (Myall et al., 2008). These problems are resolved through the use of sign-off mentors that offer final evaluation of the students before being accredited to be effective to service as pr ofessional nurses at the end of nursing training program (NMC, 2009). Consequently, more support to the nursing standards is needed to promote effectiveness of learning assessment for practice-based learning. This support is provided various nursing documents such as nursing guides, which offer strategies and support for practitioners in the nursing profession. Facilitating Learning and Assessment This is an important approach for assessing skills, knowledge and attitudes among nursing students (Price, 2007) and is complex in nature with the focus of promoting objectivity in the assessments (Bradshaw & Merriman, 2008). The ensure the diversity of the nursing settings are accommodated during the assessments, there are several assessment approaches that can be used in student mentorship programs including mini clinical assessment exercise, direct observation, case-based discussion, and mini peer assessments (Myall et al., 2008). Mini clinical assessment exercise offers an overview of student performance of key clinical skills. This assessment approach works both in routine patient encounter as well as ward environment. Direct observation of procedural skills involves observing a nursing student which conducting a clinical procedure where the observer provides necessary feedback at the end of the procedure. A good example of a clinical procedure that can be observed is preparatio n of a dressing trolley by a student. Case-based discussion, on the other hand, involves an interview aimed at exploring judgment and behaviour such as asking the student to list what he/she observed during a specific patient care program. Finally, mini peer assessments encompass a team of qualified professionals that offer feedback on the performance of an individual. The process of selecting the method of assessment should consider its cost effectiveness, educational impact, acceptability, validity, and reliability (Bradshaw & Merriman, 2008). Assessing a student’s craft knowledge helps the student to reflect and develop based on experiential learning (NMC, 2009). Effective assessment should focus on developing insights into a student’s craft and formal knowledge in order to understand the student’s ability to assess risks and utilise learned knowledge in meeting practice requirements (Price, 2007). There are four vital areas that cover student assessment, namely motivation, performance, skill, and knowledge. Even though continuous assessment is known to promote effective positioning of a student’s performance, it has limitations with regard to reliability and validity. Therefore, successful implementation of student assessment require coordination between service providers and educators to ensure the assessment approach is appropriate in terms of its summative and formative perspectives which are imperative in promoting a working linkage between theory and practice (Myall et al, 2008). Mentorship program in clinical setting is complex due to the pressure emanating from the need of sustained student assessment in front of the patients and their family as well as other professionals, which may raise anxiety among the students as well as assessors, which may negatively impact on the assessment process (Bradshaw & Merriman, 2008). Anxiety may be caused by a variety of reasons including curriculum changes, which may undermine the assessor’s competency, the student’s readi ness during assessment, and the assessors feeling of competency with regard to the assessment process. This portfolio outlines an assessment of the competency of a nursing student with regard to the appropriate use of pain assessment tools. I considered this to be vital in the profession of nursing due to the importance of pain assessment skills in nursing care as it is classified as the fifth vital sign in nursing (Murray et al., 2008). Considering the requirement that nursing students should actively participate in vital signs, developing this competency is vital for patient safety (Price, 2007). Further, I considered this assessment to be a direct observation of a procedural skill where I was available during the whole process while offering feedbacks and assessments on the process (NMC, 2009). To ensure the assessment was a success, I developed a plan that included a criterion for implementing the process as well as questions that were used for testing the levels of understanding exhibited by the learner. Furthermore, the assessment plan was developed with the consideration for th e student’s level of practical and theoretical learning (Myall et al., 2008). The questioned used in the assessment were open-ended to allow the student to offer the rationale behind their action path. This was important in developing deeper insight into the leaner’s competency, as well as promotes appreciation of diverse approaches to skills application (Murray et al., 2008). The assessment was initiated after ensuring the ward was quiet enough to minimise the effects of a noisy setting on the assessment program. The process commenced with an official introduction between me and the student as an approach to familiarization between me and the student to minimise instances of anxiety (Price, 2007). After that, I proceeded by informing the student my expectations, the timeline, and offered my reassurance that the process was not formal as I was just interested in observing the process and offering my feedback at the end of the process (Murray et al., 2008). As much as I managed to develop effective background information needed to establish an effective assessment void of anxiety, I did not inquire about the learner’s previous experience, which could have assisted in the assessment process. As much as I had previous encounter with the student, lack of enough background information hampered my effective participation in the growth of the student durin g the practice-based learning. Furthermore, I did not clearly identify the outcomes of the assessment at the beginning of the assessment. As much as appropriate information was provided and the environment was conducive, developing a summary of discussion could have enhanced the levels of student conceptualization of the expectations as well as minimize anxiety and confusion (NMC, 2009). When the student completed the first process, I asked the student several questions. These questions were established to evaluate the student’s communication skills, their understanding of the problem at hand, and general nursing skills (Murray et al., 2008). From the assessment, I observed that the student effectively communicated with the patient as well as the patient’s family a clear illustration of practical application of family-centred approach to nursing (Price, 2007). The student also effectively addressed the nursing situation at hand, as he utilised Wong-Baker pain rating to stabling the pain situation by the patient (Wong et al., 2001). After the student had gained an appropriate pain score, I asked the student a question regarding the appropriate frequency for observing pain, in which the response of the student was appropriate (Bradshaw & Merriman, 2008). From the case, it was evident that I had a problem with my communication skills as I had to repeat mys elf severally before the student could understand what I was addressing. Lowering my communication speed is necessary to enhance the student’s ability to comprehend the information given to them during assessment and minimise on instances where students are overwhelmed by information that is faster than their processing rates. I offered the student a feedback session with the aim of promoting proactive learning relation with the student (Murray et al., 2008). This feedback included active involvement of the student in the development of an action plan for dealing with the identified inconsistencies during the assessment. Considering that the student demonstrated competency in the skill that I was assessing, the action plan was centered on increasing the number of alternative approaches that can be used in applying the skill with the focus on increasing the student’s reflexive skill and hence a holistic competency (Zachary, 2011). The process of provision of the feedback considered developing a positive and constructive impact on the student to assist the student in building self-esteem, cultivating a positive working relationship as well as a supportive learning environment which are important aspects that reduces anxiety during nursing practice (Myall et al, 2008). Research has demonstrated that st udent-mentor relationship influences the student’s learning experience (Price, 2007) and therefore, effective communication between the mentor and the learner can illicit competency concerns at early stages to minimise instances of failure (Zachary, 2011). Even though the student and the mentor may feel sad due to a failed assessment, it is vital for the mentor to appreciate failure as avoiding to report of failure may have an adverse effect on the progression of the student (Bradshaw & Merriman, 2008). This feedback was provided immediately after the assessment session as an approach to providing the student with prompt support and offer immediate corrective measure for any unpleasant conduct exhibited by the student during the session (Zachary, 2011). Based on the assessment and my individual reflections on the outcomes, I identified various areas of my practice that require improvement. Specifically, my feedback on the assessment was limited and did not offer the student a wider scope on improvement. Furthermore, my speaking speeds need to be slowed to ensure effective communication. I also need to focus on developing in-depth background information about the student before the assessment as well as offering the student the expected outcomes of the assessment. In addition, asking the patient about the service will also enhance the determination of the performance of the student as well as development of an effective feedback. Reflective Commentary Mentorship is an important leadership characteristic (Zachary, 2011). Transformational leadership is founded on the ability of an individual to influence others through affecting their thinking. Adoption of this approach of leadership in nursing promotes autonomy as well as enabling the students to realise their full potential. It is also central to encouraging the development of excellent Interprofessional rapport (Myall et al., 2008). By becoming a role model at work through formulating solutions to problems that exist within nursing mentorship, I will be able to benefit myself as well as the student. This influence can also be transferred to other situations in the nursing environment, which will culminate to a better outcome in my nursing practice (Price, 2007). Common obstacles to mentorship such as staffing issues, hectic hospital environment, and clinical commitments influence my ability to perform as a mentor and hence the development of an effective relation with the student is essential (Price, 2007; Appendix 2). Due to the hectic nature of the nursing environment it is challenging to get time for developing a written feedback for the student however to enhance by mentorship capability I need to establish relationship with other mentors that is founded on sharing evaluation feedback as an approach to building my scope with regard to student evaluation. Being able to share with other mentors about feedback can also expand my evaluation to the benefit of the student. As much as this approach is effective in enhancing a student mentorship program in hospital settings, it is challenging especially in cases where other mentors are not interested in sharing their experiences and work limiting its usability. Promoting teamwork in mentorship can be an effective approach to overcoming this obstacle. Dealing with the problem of anxiety requires innate understanding of the student, which implies discussing with the student the most appropriate way for implementing the assessment. This is effective as it encourages the student to be actively engaged in the assessment program and also creating a better relationship between the mentor and the student (Zachary, 2011). Conclusion The process of student assessment is only successful if it is administered objectively and fairly. As much as this approach may result to some emotional distresses by both the assessor and the student, it is imperative for the success of a mentorship program and prevention of negative implications on the student’s advancement. It is also necessary for ensuring approved nurses are competent enough to guarantee patient safety. Therefore, I am determined to ensure that students that I mentor, assess and approve and fit and competent to service as nurses in their respective fields. To achieve this, I will focus on developing a closer working relationship with the students to ensure all competency issues are identified and addressed timely. This is important in ensuring the students that I encounter do not face surprises later during their summative assessment or even when practicing as registered nurses. Furthermore, involvement of the patients and their families in the assessment of my students will be a major trademark of my mentorship and assessment program as I regard inputs by the patient vital to determining the competency of the student nurse. Consequently, as much as the practice of assessment and mentorship is challenging and compound in nature, I believe that effective application of relevant knowledge and skills while focusing on the expected outcomes, it is possible to deliver efficiently in this function. This reflection process has enriched my understanding on the concept of mentorship and its significance in the nursing profession. It has also enhanced my perception of the concept of professional and personal development. I believe that if I eliminate the few areas of weakness that I have identified in the reflection, I will be able to offer effective mentorship and assessment for nursing students in clinical practice. References Bradshaw, A., & Merriman, C. (2008). ‘Nursing competence 10 years on: fit for practice and purpose yet?’ Journal of Clinical Nursing, 17(10): 1263-1269. Murray, C., Grant, MJ., Howarth, ML., & Leigh, J. (2008). ‘The use of simulation as a teaching and learning approach to support practice learning.’ Nurse Education in Practice, 8(1): 5-8. Myall, M., Levett?Jones, T., & Lathlean, J. (2008). ‘Mentorship in contemporary practice: the experiences of nursing students and practice mentors.’ Journal of clinical nursing, 17(14): 1834-1842. Nursing and Midwifery Council, NMC. (2009). Additional information to support implementation of NMC Standards to support learning and assessment in practice. London, UK : Nursing and Midwifery Council (NMC). Nursing and Midwifery Council, NMC. (2008). The Code: Standards of conduct, performance and ethics for nurses and midwives. London: NMC. Retrieved from http://www.nmc-uk.org/aArticle.Aspx Price B. (2007). ‘Practice-based assessment: strategies for mentors.’ Nursing Standard, 21 (36), pp. 49-56. Polit, DF., & Beck, CT. (2008). Nursing research: Generating and assessing evidence for nursing practice. Philadelphia, PA: Lippincott Williams & Wilkins. Zachary, LJ. (2011). The mentor’s guide: Facilitating effective learning relationships. New York, NY: John Wiley & Sons. Appendices Appendix 1: Critical thinking competency standards Source: http://www.drake.edu/media/collegesschools/soe/images/msld/competency_model.png Appendix 2: Essential competencies for an effective mentor

National Diabetes Fact

A Health Problem The diabetes is a disease which is characterized by the absence of insulin properly on the body. Also, the name diabetes has its origin in ancient Greece and Rome, and diabetes means â€Å"sweet†. In addition, this disease has been around the history of human beings for thousands of years. For example, there are manuscripts in Egyptian before of Christ that described to people to urinate frequently, and in Asia some doctors described people who suffered tiredness, skin boils and thirst.Recently, the diabetes has been grouped into three types which are type1 occurs when pancreas produces little or no insulin , type 2 is when the body becomes resistant to insulin or produces not enough blood sugar level, and gestational is in women who develop high blood sugar during pregnancy. Meanwhile, according to National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), in Its National Diabetes Fact Sheet 2011 (NDFS), based on data released by The Depar tment of Health and Human Services (DHHS) in year 2011, diabetes affects 25. million people 8. 3% of the U. S population and this disease has became in the seventh cause of death in the United States. Moreover, based on information from National Business Coalition on Health (NBCH) , in its Action Brief (AB) on February 2012, the diabetes expenses were of 174 billion annually in direct medical and indirect costs which had estimated for year 2007 in the United States.In simpler terms, the diabetes has became in serious health problem that produces diverse expenses to diabetics ,so an away to avoid expenses derived of this disease is research what factors can produce diabetes?. Finally, the diabetes produces high medical expenditures for hospital, physician, and prescription medicines to treat diabetes which is a disease caused for three serious disorders are related to obesity, genetic, and stress.First, the most common cause of diabetes is obesity which is related to physical inactiv ity, eating disorders, and genetic. Next, obesity is excess body fat which is commonly measured through mass index which is a ratio of body weight to height, so people are considered obese when their mass index is of 30 or higher ( based on information from National Institutes of Health (NIH), in its Clinical Guidelines on the Identification, Evaluation, and Treatment of Overweight and Obesity in Adults ( CGIETOOA) in year 1998) .Also, obesity is serious factor of risk for people because they are more susceptible to develop type 2 diabetes in which the body produces some but not enough insulin or is resistant to insulin; therefore, type 2 diabetes is associated to lack of physical activity. In other words, physical actives produce general health benefits such as blood sugar and pressure properly for adults and children because it is any form of exercise or movement such as household chores, yard work, walking, running, basketballs, or other sports.Moreover, insulin resistance has ob served metabolic abnormalities which are produced for morbidity, so obese subjects have this characteristic of insulin resistance because they lack of physical activities. In the second place, obesity is connect to diet improperly that has high levels of calories more than the body can metabolize, and this type of eating disorders has been result of fast food. In particular, people who eat more calories which are acquired through fast food or unhealthy food suffer of overweight.Too, overweight is characterized for abdominal fat that people can observe in increasing size of waist, hips, and deformation the body in specific areas. Due to, eating disorders produce overweight the metabolic body start to suffer changes that affected to insulin production because overeating produces a fighting into insulin production, so the body does not use insulin well and the result is unbalance in blood sugar level and people become in diabetics. Third, genetic frequently produce obesity that develop s diabetes.In this case, genetic is derived from parents or close relatives, so children are who suffers lineal consequences from obesity because it generally occurs in first year of life. Mainly, children are diagnostic diabetics because their bodies develop an insulin resistance or the pancreas does not produce insulin. As well, rare illnesses produce obesity as hypothyroidism which is disease produced abnormality of thyroid gland that does not produce quantities of hormone properly, among others.Finally, obesity is a cause of diabetes, but obesity generally develops type 2 diabetes which has a treatment through pills, diet and exercise, and this type of diabetes produce a codependency to pills. Typically, codependency to medicaments has raised abruptly, so this produce high expenditure in prescription medicines. Moreover, if population does not deplete the tendency of this disease, the expenses for effects of diabetes as hospital and physician too could continue incrementing. In effect, prescription medicines to treat diabetes increased 85. percent in the period of 1996 to 2003 (Olin, Gary 2006). To conclude, obesity that is risk factor for diabetes can avoid it through little changes in diet and style life more dynamic, so these little changes give positive effect economic and healthy. Second, the production of blood sugar levels is produced for genetic which is linked to factors as family history, racial and ethnic groups, metabolic reaction on diet , and rare gene. In addition, family history has an important connection with diabetes because this disease can be transmitted through of genes.In other words, diabetes has produced for a genetically disorder, so children born with diabetes because they have first degree relatives which are diabetics. Moreover, this characteristic is type1 diabetes in where the pancreas produces little or no insulin, so type 1 diabetics are insulin dependent and they daily need insulin shots to live. Furthermore, this type dia betes occurs in children, adolescents and adults, and type 1 diabetes is the most severe form of this disease in which people suffer serious complications of health as amputations, dialysis, diabetic comas, among others.Consequently, diabetics who suffer type 1 have more expenditure of hospital and treatment because their body develops complex situations of health. Next, racial and ethnic groups has a genetic predisposition diabetes, so natives and diverse tribes as American and Australian have people who suffer of diabetes. For example, some investigation have find that tribes in Arizona Pima and Papago their ethnic populations have the highest incidence of diabetes in the world, Seri a tribe in Mexico has suffered diabetes, and the Aborigines in Australia have developed diabetes (Nabhan, Gary Paul, 2004).In particular, ethnic groups , indigenous, native Americans, aborigines have involved diabetes (Nabhan, Gary Paul, 2004). Besides, the relation between racial and ethnic groups wh o has developed diabetes is caused for metabolic reaction on diet that has changed abruptly because their native food was plants which slow sugar and water loss qualities, so their metabolisms have adapted over time to the presence desert food.As a result, racial and ethic groups have changed native food by fast food, so the incidence of diabetes skyrocketed with heart disease and high cholesterol due to the metabolic reaction of these racial groups is different genetically. Another, factor is linked to appear of diabetes is particular gene called thrifty gene that indigenous hunter and gatherers have presumed to maintain as an adaptation to a feast –famine existence, so this thrifty gene has attributed the difference in blood insulin (Originally hypothesized by Neel, James in 1962).Subsequently, syndrome X (Nabhan, Gary Paul, 2004). has linked to genetic as responsible of appears diabetes, so racial and ethnic groups has increased risk of diabetes because they have access to groceries, alcohol and cigarettes and these groups expressed a cluster of conditions as high blood pressure, high triglycerides, cholesterol and obesity. Finally, ethnic groups have increased their predisposition of diabetes, and this produce more medical expenses to families who have relatives with diabetes.Finally, levels of blood sugar are lead to stress that is related to endocrine system, psychological aspects, and socioeconomic aspects. First, stress which is the state manifested by reaction that induced changes in biological system produces blood sugar improperly, and the endocrine system includes the master glands which are part of pancreas concerned with sugar metabolism. Second, an important part is the reaction of hypothalamus that is part of brain, so when a person is under physical or emotional stress its cerebral cortex sends messages at the hypothalamus.Then, hypothalamus produces releasing factors and these stimulate a part called the pituitary that secrete Adrenoco rticotropic hormones (ACTH) outer part of adrenal gland, in turn releases the glucocorticoid hormones that is blood and sugar raising, and TTH the thyroid gland secrete other substances. Consequently, ACTH and TTH thus cooperate in preparing the body to meet challenge of stress by making sugar available for cellular metabolism by increasing the metabolic rate of the cells.Moreover, a person that exposed a serious levels of stress repeats this process before mentioned sometimes, and this subject is exposed high blood sugar during this time so this person can develop diabetes, occasionally. Another aspect that is linked to stress is psychological that occurs when people are exposed to emotional circumstances, so diabetes appears when significant changes occurred in a person’s life .For example, adolescents who have attitudes and patterns of life adjustment, so they acquired the diabetes in middle age because a prominent though often suppressed of repressed conviction of having been starved of maternal love; in some cases caused for death of mother or a divorce. Inevitably, adolescents substitute calories for emotional nourishment, and teenagers with this emotional deprivation acquire a simulation of starvation that contributes a process of diabetes.Clearly, adolescents disturb their metabolism, so they involve in problem of obesity because adolescents suffer of night eating that only is one expression of emotional state; in these cases (Wolff, Harol G. in 1968) the therapy of obesity with problems of life adjustment is needed for releasing of depression. As well, socioeconomic aspects of stress have been incidents of diabetes, and people, who are involved in stressed situation because their low income and economic insecurity, are more predispose to illness.To illustrate, people that cope with urban poverty their life expectancy is less because they suffer chronic illness as heart, asthma, and diabetes. Furthermore, urban poverty is linked to inferior educ ation, racial discrimination, overcrowding, and crimes, among others; all these are factors stressors that affect the emotional balance of body, and these stressors become a chronic condition for residents. Consequently, stress is reaction of body when residents are exposed or involved to abnormal conditions which are ecological, psychological, social, biological, socioeconomics, genetic, among others.As a result, illnesses that are caused by stress as diabetes have incremented expenditure attributable to prescription medicines, hospitalization, medical appointments, and virtually diabetes caused for stress require a complex treatment physical and psychological for its management properly. On the whole, families could suffer financial problems by diabetes because this disease produces medical events. In short, diabetes is a chronic disease that affects insulin production of body, and the most common causes of this illness are obesity, predisposition genetic, and high or abnormal lev els of stress.Also, statistical data show high expenditures attributable to diabetes in United States mainly for hospitalization, medication, and physician support in managing this disease. In addition, obesity and the stress that are two of the three most common causes of diabetes will avoid through simple methods or routine that residents add to style life. For example, residents will avoid eating fast food and replace for health food, or they will try to practice sports. Moreover, citizens will look for method or technique that combats to stress properly.On the other hand, predisposition genetic that is one cause of diabetes will result complex situation, but this risk factor will be managing through of diagnostic pre-diabetes. In other words, financial costs will be regularized or controlled when communities and residents join and realize health programs about prevention and control of diabetes. Inevitably, this problematic situation requires of teamwork, and control of diabetes will reflect in billon dollars. Finally, population will be awareness that serious disease called diabetes has preventable.Work Cited Centers for Disease Control and Prevention. â€Å"National diabetes fact sheet: national estimates andgeneral information on diabetes and prediabetes in the United States, 2011†. Atlanta, GA: U. S. Department of Health and Human Services, Centers for Disease Control and Prevention, 2011. â€Å"Economic Costs Of Diabetes In The U. S. In 2007. † Diabetes Care 31. 3 (2008): 596-615. MEDLINE. Web. 1 Apr. 2012. Gordo, James S. Stress Management. Philadelphia: Chelsea House Publishers, 2001. pp. 13-52 Leahy Jack L. , Nathaniel G. Clark, and William T. Cefalu.Medical Management Of Diabetes Mellitus. M. Dekker, 2000. eBook Collection (EBSCOhost). Web. 1 Apr. 2012. Liberatore, Stephanie. †Q: what causes diabetes, and how does it affect a person’s health? † The Science teacher 76. 6 (2009):68. General OneFile. Web. 27 Mar. 201 2. Nabhan, Gary Paul. Why Some Like It Hot: food, genes, and cultural diversity. United Stated of America: Island Press, 2004. pp. 163-185 Olin, G. Proportion and Medical Expenditures of Adults Being Treated for Diabetes, 1996 and 2003.Statistical Brief #146. October 2006. Agency for Healthcare Research and Quality,Rockville, Md. http:/www. meps. ahrq. gov/mepsweb/data-files/publications/st146. pdf Paul, Tim Dall, and Plamen Nikolov. â€Å"Economic Costs Of Diabetes In The US In 2002. † Diabetes Care 26. 3 (2003): 917-932. MEDLINE. Web. 1 Apr. 2012. Peacock, Judith. â€Å"Chapter #1: What Is Diabetes?. † Diabetes (0-7368-0277-0). 4. Capstone Press, 2000. Health Source – Consumer Edition. Web. 1 Apr. 2012. Wollff, Harold G. Stress and Disease. Washington: Charles C Thomas, 1968. pp. 92-97

Final Exam

Answer four of the following seven essay questions. Essay answers should be in paragraph form using complete sentences. (No bullet points) Use PAPA style for citations as needed. Exams may be subject to student submission using Turning at the professor's discretion. Your answers should be submitted as a Word file attached to an email sent to me by the start of class on March 5th. While brevity Is the soul of wit, essay answers should err on the side of completeness versus brevity.That said, I don't want to see the answer to any question go beyond two single-spaced hypocrites pages using a font size of 10-12 points. 1. Congratulations! You have Just been elected ruler off small OLD. What steps will you take to manage the country's balance of trade, and Its currency? Name and use an actual country don't make one up. Sierra Leone is a country that is rich in agricultural and mining resources, yet the great majority (over 70%) of the country still lives in poverty. Economic growth is hin dered by disadvantageous exchange rates and government budget deficits.As the recently elected President of Sierra Leone, I will take any and all necessary steps o bring this beautiful country out of poverty (www. Henbane. Org, 2014). Sierra Leone Is currently working with the International Monetary Fund (MIFF) to implement changes and improvements in our country's economic system. Sierra Leone has made important strides in economic reconstruction and macroeconomic as well as political stability since the end of the civil conflict in 2002. Economic growth has strengthened in the last two years with a stream of iron ore production and increased Infrastructure Investment.As the new president, I will continue working with the MIFF to manage the balance of trade and stabilize our currency (www. MFC. Org, 2013). In regards to Sierra Lens's currency, the exchange rate system is classified as floating, with the value of the Leone (currency) determined by the market. Currently, the central banks interventions are limited and aimed at smoothing volatility in the market. In order to stabilize the currency, I will diligently work with the Bank of Sierra Leone (BOSS) and with the MIFF to Introduce a stringent stabilization policy and reduce our country's debt.This policy will be aimed at first and foremost at tightening monetary regulations and reducing government borrowing. I will encourage the BOSS o move from a wholesale foreign exchange auction system to a retail auction system available to importers. This will enhance the currency's stability in the market as well as improve competitiveness. I will also work with the BOSS to improve monetary policy signaling, address remaining gaps In banking supervision, monetary and foreign exchange operations. I initiatives to encourage the development of micromanage in rural areas.Lastly, and perhaps most importantly, I will continue to work with the MIFF and the BOSS to develop a financial literacy campaign that will help to spr ead knowledge and titivation to continue efforts to stabilize the currency (www. Miff. Org, 2013) As president, I have also been charged with stabilizing trade in Sierra Leone. One of the biggest challenges in trade in Sierra Leone is that of smuggling and illicit trading activities. Sierra Leone is known for mining, especially diamonds, but poor regulation and policy enforcement, and high levels of corruption that lead to considerable levels of money laundering activities.As president, I will establish stricter controls and taxes around the mining trade, and crack down on corrupt government officials. I will continue to work with the government-created mining community development fund (DACCA), created to raise local communities' stake in the legal diamond trade, which returns a portion of diamond export taxes to diamond mining communities (www. Heritage. Org, 2014). Throughout my term as president, I hope to create a great economic turnaround for Sierra Leone, not only through bal ancing the currency and trade in the country, but through many more positive changes.I hope that by reducing budget deficits and improving the fiscal position of the government, I will be able to rehabilitate our social and economic infrastructure, stabilize the economy and provide a better life for Sierra Lens's people. 2. Compare and contrast the different methods of hedging transaction exposure. Include both derivative and non-derivative solutions. Transaction exposure is one of three types of foreign currency exposure. It is a type of risk that companies involved in international trade will face when entering fixed-price financial contracts.The risk occurs after the financial contract is made, and the subsequent fluctuations in currency exchange rates occur randomly and unpredictably. Although transaction exposure is considered short-term economic exposure, these changes in exchange rates can still affect the contract negatively, resulting in significant losses for the firm. The refore, companies participate in various hedging activities to avoid losses from transaction exposure (Nun & Arsenic, 2012). In transaction hedging, there are both derivative as well as non-derivative solutions. Derivatives are simply a contract between two parties.One of the ways which firms hedge transaction exposure is through the use of derivatives such as options contacts. Options are contracts used to reduce the risk of transactions by sing calls (sell) or puts (buy) on a financial asset at an agreed-upon price at some time in the future, which is known as exercising the option. Options also have a maturity or expiration date. In Europe, options can only be exercised at their maturity date, whereas in the United States, options can be exercised any time during the contract (Nun & Arsenic, 2012). Another derivative solution is a futures contract.Futures contracts are an agreement to buy or sell an asset at an agreed-upon price in the future. Unlike options, futures contracts ar e standardized for an amount of the asset, and are usually transacted to exit the market. Hedgers avoid price variation in the market by and pass off risk to a speculator who will take a long or short position in the futures contract. The speculator is considered to be more willing to take on the price risk variation. Futures contracts are short-term and profits and losses are realized on a daily basis (Nun & Arsenic, 2012).Somewhat similar to a futures contract is a forward contract. Forwards are also a contract to buy or sell an asset at an agreed-upon price in the future, however, forward contracts have a specific maturity date unlike the daily settlements used in uterus contracts. Rather than being a standardized contract, forwards are tailor made to the needs of the participants. Also different than futures is that when trading forwards, forwards are often settled through the delivery of goods or cash (Nun & Arsenic, 2012).There are numerous other types of derivatives used to m itigate foreign exchange risk, but the most common are forward and futures contracts, futures options, and swaps which will be discussed later in this exam (Nun & Arsenic, 2012). Many Macs also participate in non-derivative methods for hedging transaction risk. These are often used if a firm has positions in less liquid currencies. In order to mitigate risk in these cases, cross-hedging is a common technique in which a firm will hedge a position in one asset by taking a position in another asset.Effectiveness of cross-hedging is highly dependable on the strength of the relationship between the commodity futures prices and the exchange rate (Nun & Arsenic, 2012). Another non-derivative method to avoid transaction exposure is hedging via lead and lag. A company can lead, to pay or collect on an invoice early, or lag, which means to pay or collect late. By timing the lead and lag strategy correctly, the firm can protect themselves against depreciation or appreciation of the foreign cur rency they are dealing in (Nun & Arsenic, 2012).Hedging through invoice currency can help firms diversify exchange exposure by using currency basket units. A currency basket is a selected group of currencies in which the weighted average is used as a measure of the value of a contract or obligation. It functions as a benchmark for regional currency movements. Because it is a portfolio of currencies, its value is more stable and can be useful as a hedging LOL, especially for long-term contracts where there are no forward or options contracts available (Nun & Arsenic, 2012).The last non-derivative form of transaction hedging that we will discuss is that of exposure netting. Exposure netting helps to centralize a firm's exchange exposure management function in one location, typically in a reinforce center. All invoices from nitrating transactions are sent here, where overall exposure is analyzed and determined. Foreign exchange experts can then determine the optimal hedging methods for the portfolio of transactions and move forward to implement them (Nun Arsenic, 2012). Overall, we have seen that there are numerous options to hedge transaction exposure.There are some similarities among them, but they differ from each other and are applicable to different needs. Derivative forms of hedging are typically contractual, relatively short term solutions to transaction exposure, whereas non- lifestyle. No matter what the case, however, it is prudent for any NC to determine a strategy for transaction hedging before going into significant overseas contracts. 3. Compare and contrast a plain vanilla currency swap with a plain vanilla interest rate swap. Describe and Justify a situation where a NC would use each type of swap.As discussed briefly above, swap transactions are a type of derivative used to mitigate currency exposure in forward trades. A swap is an agreement between two parties to exchange a sequence of cash flows over a period of time- a simultaneous sale of spot foreign exchange against a forward purchase of an equal amount of foreign currency (Nun & Arsenic, 2012). A plain vanilla interest rate swap is the most common and simplest type of swap. They are customized contracts that can be paid monthly, quarterly, yearly, or on a basis decided on by the firms involved.In a plain vanilla interest rate swap, one part agrees to pay the contract at a fixed interest rate, while the other party agrees to pay at a floating interest rate, and the two cash flows are paid in the same currency. The swap typically has a set date of maturity set at some point in the future (MacAfee, 2012). A plain vanilla currency swap, unlike the plain vanilla interest swap, interest and principal payments on a loan are exchanged in 2 currencies. In the plain vanilla currency swap, the two parties exchange payments at the beginning and end of the swap, which also differs from interest rate swaps (MacAfee, 2012).In the case of plain vanilla interest rate swaps, Macs or Mi ff would use these when they are paying a floating rate of interest on liabilities and earning a fixed rate of interest on assets. It can be highly risky for a firm to have such a mismatch between assets and liabilities. Therefore, the firm could use a plain vanilla interest rate swap to rectify the imbalance in their interest payments (MacAfee, 2012). For the case of the plain vanilla currency swap, a firm would be interested in conducting this type of swap when the firm wants to expand operations into another country, but has comparative advantage in its home country.The firm will likely have more favorable financing in its home country, and therefore could perform a currency swap with the country it is expanding into, and gain the necessary funds in the new currency to finance its startup and operations (MacAfee, 2012). 4. Discuss the issues and potential solutions for a NC contemplating foreign direct investment in a OLD. By definition, a NC or Multinational Corporation, is regi stered and/or has operations in more than one country. These types of firms engage in FED, or Foreign Direct Investment.FED is an investment made by a company based in one country onto a company or entity based in another country. Macs making direct investments typically have a significant degree of influence and control over the company into which the investment is made. Open economies with skilled workforces and good growth prospects tend to attract larger amounts of foreign direct investment than closed, highly regulated economies (www. Investigated. Com, 2014). FED can have numerous risks and obstacles for the NC involved. Olds, or Less Foreign direct investment can be an important source of employment opportunities for developing countries.However, anti-corporate advocates criticize Macs for entering Olds that have low human rights or environmental standards. They claim that multinationals give rise to large merged conglomerations that reduce competition and free enterprise, ra ise capital in host countries but export the profits, exploit countries for their natural resources, limit workers' wages, erode traditional cultures, and challenge national sovereignty. However, they remain attractive to investors due to low costs of labor, poorly enforced environmental and economic regulations, and inexpensive resources (www. Investigated. Com, 2014). Economic risk depends on the foreign country's financial state. A country with stable finances and a sound economy will be more attractive to foreign investors than one that has currency fluctuations and difficulty paying debt. Trade barriers and shareholder diversification issues can all be part of the economic risks taken on by a NC that is contemplating FED (Nun & Arsenic, 2012). Trade barriers can often be overcome by moving trade through other countries without trade restrictions.In the case of physical trade barriers, such as poor transportation, FED can be put into place to improve infrastructure and reduce tr ansportation costs (Nun & Arsenic, 2012). Political risk emerges when the political climate in a foreign country becomes unfriendly to investors. Political risk can be classified into three types: transfer risk, operational risk, and control risk. Transfer risk arises from uncertainty about cross border flows of capital and payments. Operational risk arises when the host country's policies affect the NC.Lastly, control risk is caused by uncertainty about the host country's policies regarding ownership and control of local operations (Nun & Arsenic, 2012). When contemplating investing in a OLD, the NC should take care to meticulously search and define the level of risk for doing business with the OLD they are considering, and also outline possible solutions in case of risk exposure. For example, those seeking more in-depth coverage of a particular country or region, two excellent sources of objective, comprehensive country information are the Economist Intelligence Unit and the Centr al Intelligence Agency World Fastback.Either of these resources provides an investor with a broad overview of the economic, political, demographic and social climate of a country. The Ell-J also provides ratings for most of the world's countries. These ratings can supplement those issued by Moody's, S and the other â€Å"traditional† ratings agencies (www. Investigated. Com, 2014). After completing the country analysis, the investing NC will have to decide on a sound investment approach. One of the recommended approaches is for the NC to invest in a broad international portfolio.Diversification is a fundamental principle of domestic investing, and is even more important when investing internationally. Even in a more concentrated portfolio, investments should be spread among several countries to maximize diversification and minimize risk (www. Investigated. Com, 2014). After deciding where to invest, an investor must decide which type of investment to enter. The choice of inve stment vehicle depends on each investor's individual knowledge, experience, risk profile and return objectives. When in doubt, it may make later.In addition to thoroughly researching prospective investments, an international investor also needs to monitor his or her portfolio and adjust holdings as conditions dictate. As in the U. S. , economic conditions overseas are constantly evolving, and political situations abroad can change quickly, particularly in emerging r frontier markets. Situations that once seemed promising may no longer be so, and countries that once seemed too risky might now be viable investment candidates (www. Investigated. Com, 2014). Final Exam Answer four of the following seven essay questions. Essay answers should be in paragraph form using complete sentences. (No bullet points) Use PAPA style for citations as needed. Exams may be subject to student submission using Turning at the professor's discretion. Your answers should be submitted as a Word file attached to an email sent to me by the start of class on March 5th. While brevity Is the soul of wit, essay answers should err on the side of completeness versus brevity.That said, I don't want to see the answer to any question go beyond two single-spaced hypocrites pages using a font size of 10-12 points. 1. Congratulations! You have Just been elected ruler off small OLD. What steps will you take to manage the country's balance of trade, and Its currency? Name and use an actual country don't make one up. Sierra Leone is a country that is rich in agricultural and mining resources, yet the great majority (over 70%) of the country still lives in poverty. Economic growth is hin dered by disadvantageous exchange rates and government budget deficits.As the recently elected President of Sierra Leone, I will take any and all necessary steps o bring this beautiful country out of poverty (www. Henbane. Org, 2014). Sierra Leone Is currently working with the International Monetary Fund (MIFF) to implement changes and improvements in our country's economic system. Sierra Leone has made important strides in economic reconstruction and macroeconomic as well as political stability since the end of the civil conflict in 2002. Economic growth has strengthened in the last two years with a stream of iron ore production and increased Infrastructure Investment.As the new president, I will continue working with the MIFF to manage the balance of trade and stabilize our currency (www. MFC. Org, 2013). In regards to Sierra Lens's currency, the exchange rate system is classified as floating, with the value of the Leone (currency) determined by the market. Currently, the central banks interventions are limited and aimed at smoothing volatility in the market. In order to stabilize the currency, I will diligently work with the Bank of Sierra Leone (BOSS) and with the MIFF to Introduce a stringent stabilization policy and reduce our country's debt.This policy will be aimed at first and foremost at tightening monetary regulations and reducing government borrowing. I will encourage the BOSS o move from a wholesale foreign exchange auction system to a retail auction system available to importers. This will enhance the currency's stability in the market as well as improve competitiveness. I will also work with the BOSS to improve monetary policy signaling, address remaining gaps In banking supervision, monetary and foreign exchange operations. I initiatives to encourage the development of micromanage in rural areas.Lastly, and perhaps most importantly, I will continue to work with the MIFF and the BOSS to develop a financial literacy campaign that will help to spr ead knowledge and titivation to continue efforts to stabilize the currency (www. Miff. Org, 2013) As president, I have also been charged with stabilizing trade in Sierra Leone. One of the biggest challenges in trade in Sierra Leone is that of smuggling and illicit trading activities. Sierra Leone is known for mining, especially diamonds, but poor regulation and policy enforcement, and high levels of corruption that lead to considerable levels of money laundering activities.As president, I will establish stricter controls and taxes around the mining trade, and crack down on corrupt government officials. I will continue to work with the government-created mining community development fund (DACCA), created to raise local communities' stake in the legal diamond trade, which returns a portion of diamond export taxes to diamond mining communities (www. Heritage. Org, 2014). Throughout my term as president, I hope to create a great economic turnaround for Sierra Leone, not only through bal ancing the currency and trade in the country, but through many more positive changes.I hope that by reducing budget deficits and improving the fiscal position of the government, I will be able to rehabilitate our social and economic infrastructure, stabilize the economy and provide a better life for Sierra Lens's people. 2. Compare and contrast the different methods of hedging transaction exposure. Include both derivative and non-derivative solutions. Transaction exposure is one of three types of foreign currency exposure. It is a type of risk that companies involved in international trade will face when entering fixed-price financial contracts.The risk occurs after the financial contract is made, and the subsequent fluctuations in currency exchange rates occur randomly and unpredictably. Although transaction exposure is considered short-term economic exposure, these changes in exchange rates can still affect the contract negatively, resulting in significant losses for the firm. The refore, companies participate in various hedging activities to avoid losses from transaction exposure (Nun & Arsenic, 2012). In transaction hedging, there are both derivative as well as non-derivative solutions. Derivatives are simply a contract between two parties.One of the ways which firms hedge transaction exposure is through the use of derivatives such as options contacts. Options are contracts used to reduce the risk of transactions by sing calls (sell) or puts (buy) on a financial asset at an agreed-upon price at some time in the future, which is known as exercising the option. Options also have a maturity or expiration date. In Europe, options can only be exercised at their maturity date, whereas in the United States, options can be exercised any time during the contract (Nun & Arsenic, 2012). Another derivative solution is a futures contract.Futures contracts are an agreement to buy or sell an asset at an agreed-upon price in the future. Unlike options, futures contracts ar e standardized for an amount of the asset, and are usually transacted to exit the market. Hedgers avoid price variation in the market by and pass off risk to a speculator who will take a long or short position in the futures contract. The speculator is considered to be more willing to take on the price risk variation. Futures contracts are short-term and profits and losses are realized on a daily basis (Nun & Arsenic, 2012).Somewhat similar to a futures contract is a forward contract. Forwards are also a contract to buy or sell an asset at an agreed-upon price in the future, however, forward contracts have a specific maturity date unlike the daily settlements used in uterus contracts. Rather than being a standardized contract, forwards are tailor made to the needs of the participants. Also different than futures is that when trading forwards, forwards are often settled through the delivery of goods or cash (Nun & Arsenic, 2012).There are numerous other types of derivatives used to m itigate foreign exchange risk, but the most common are forward and futures contracts, futures options, and swaps which will be discussed later in this exam (Nun & Arsenic, 2012). Many Macs also participate in non-derivative methods for hedging transaction risk. These are often used if a firm has positions in less liquid currencies. In order to mitigate risk in these cases, cross-hedging is a common technique in which a firm will hedge a position in one asset by taking a position in another asset.Effectiveness of cross-hedging is highly dependable on the strength of the relationship between the commodity futures prices and the exchange rate (Nun & Arsenic, 2012). Another non-derivative method to avoid transaction exposure is hedging via lead and lag. A company can lead, to pay or collect on an invoice early, or lag, which means to pay or collect late. By timing the lead and lag strategy correctly, the firm can protect themselves against depreciation or appreciation of the foreign cur rency they are dealing in (Nun & Arsenic, 2012).Hedging through invoice currency can help firms diversify exchange exposure by using currency basket units. A currency basket is a selected group of currencies in which the weighted average is used as a measure of the value of a contract or obligation. It functions as a benchmark for regional currency movements. Because it is a portfolio of currencies, its value is more stable and can be useful as a hedging LOL, especially for long-term contracts where there are no forward or options contracts available (Nun & Arsenic, 2012).The last non-derivative form of transaction hedging that we will discuss is that of exposure netting. Exposure netting helps to centralize a firm's exchange exposure management function in one location, typically in a reinforce center. All invoices from nitrating transactions are sent here, where overall exposure is analyzed and determined. Foreign exchange experts can then determine the optimal hedging methods for the portfolio of transactions and move forward to implement them (Nun Arsenic, 2012). Overall, we have seen that there are numerous options to hedge transaction exposure.There are some similarities among them, but they differ from each other and are applicable to different needs. Derivative forms of hedging are typically contractual, relatively short term solutions to transaction exposure, whereas non- lifestyle. No matter what the case, however, it is prudent for any NC to determine a strategy for transaction hedging before going into significant overseas contracts. 3. Compare and contrast a plain vanilla currency swap with a plain vanilla interest rate swap. Describe and Justify a situation where a NC would use each type of swap.As discussed briefly above, swap transactions are a type of derivative used to mitigate currency exposure in forward trades. A swap is an agreement between two parties to exchange a sequence of cash flows over a period of time- a simultaneous sale of spot foreign exchange against a forward purchase of an equal amount of foreign currency (Nun & Arsenic, 2012). A plain vanilla interest rate swap is the most common and simplest type of swap. They are customized contracts that can be paid monthly, quarterly, yearly, or on a basis decided on by the firms involved.In a plain vanilla interest rate swap, one part agrees to pay the contract at a fixed interest rate, while the other party agrees to pay at a floating interest rate, and the two cash flows are paid in the same currency. The swap typically has a set date of maturity set at some point in the future (MacAfee, 2012). A plain vanilla currency swap, unlike the plain vanilla interest swap, interest and principal payments on a loan are exchanged in 2 currencies. In the plain vanilla currency swap, the two parties exchange payments at the beginning and end of the swap, which also differs from interest rate swaps (MacAfee, 2012).In the case of plain vanilla interest rate swaps, Macs or Mi ff would use these when they are paying a floating rate of interest on liabilities and earning a fixed rate of interest on assets. It can be highly risky for a firm to have such a mismatch between assets and liabilities. Therefore, the firm could use a plain vanilla interest rate swap to rectify the imbalance in their interest payments (MacAfee, 2012). For the case of the plain vanilla currency swap, a firm would be interested in conducting this type of swap when the firm wants to expand operations into another country, but has comparative advantage in its home country.The firm will likely have more favorable financing in its home country, and therefore could perform a currency swap with the country it is expanding into, and gain the necessary funds in the new currency to finance its startup and operations (MacAfee, 2012). 4. Discuss the issues and potential solutions for a NC contemplating foreign direct investment in a OLD. By definition, a NC or Multinational Corporation, is regi stered and/or has operations in more than one country. These types of firms engage in FED, or Foreign Direct Investment.FED is an investment made by a company based in one country onto a company or entity based in another country. Macs making direct investments typically have a significant degree of influence and control over the company into which the investment is made. Open economies with skilled workforces and good growth prospects tend to attract larger amounts of foreign direct investment than closed, highly regulated economies (www. Investigated. Com, 2014). FED can have numerous risks and obstacles for the NC involved. Olds, or Less Foreign direct investment can be an important source of employment opportunities for developing countries.However, anti-corporate advocates criticize Macs for entering Olds that have low human rights or environmental standards. They claim that multinationals give rise to large merged conglomerations that reduce competition and free enterprise, ra ise capital in host countries but export the profits, exploit countries for their natural resources, limit workers' wages, erode traditional cultures, and challenge national sovereignty. However, they remain attractive to investors due to low costs of labor, poorly enforced environmental and economic regulations, and inexpensive resources (www. Investigated. Com, 2014). Economic risk depends on the foreign country's financial state. A country with stable finances and a sound economy will be more attractive to foreign investors than one that has currency fluctuations and difficulty paying debt. Trade barriers and shareholder diversification issues can all be part of the economic risks taken on by a NC that is contemplating FED (Nun & Arsenic, 2012). Trade barriers can often be overcome by moving trade through other countries without trade restrictions.In the case of physical trade barriers, such as poor transportation, FED can be put into place to improve infrastructure and reduce tr ansportation costs (Nun & Arsenic, 2012). Political risk emerges when the political climate in a foreign country becomes unfriendly to investors. Political risk can be classified into three types: transfer risk, operational risk, and control risk. Transfer risk arises from uncertainty about cross border flows of capital and payments. Operational risk arises when the host country's policies affect the NC.Lastly, control risk is caused by uncertainty about the host country's policies regarding ownership and control of local operations (Nun & Arsenic, 2012). When contemplating investing in a OLD, the NC should take care to meticulously search and define the level of risk for doing business with the OLD they are considering, and also outline possible solutions in case of risk exposure. For example, those seeking more in-depth coverage of a particular country or region, two excellent sources of objective, comprehensive country information are the Economist Intelligence Unit and the Centr al Intelligence Agency World Fastback.Either of these resources provides an investor with a broad overview of the economic, political, demographic and social climate of a country. The Ell-J also provides ratings for most of the world's countries. These ratings can supplement those issued by Moody's, S and the other â€Å"traditional† ratings agencies (www. Investigated. Com, 2014). After completing the country analysis, the investing NC will have to decide on a sound investment approach. One of the recommended approaches is for the NC to invest in a broad international portfolio.Diversification is a fundamental principle of domestic investing, and is even more important when investing internationally. Even in a more concentrated portfolio, investments should be spread among several countries to maximize diversification and minimize risk (www. Investigated. Com, 2014). After deciding where to invest, an investor must decide which type of investment to enter. The choice of inve stment vehicle depends on each investor's individual knowledge, experience, risk profile and return objectives. When in doubt, it may make later.In addition to thoroughly researching prospective investments, an international investor also needs to monitor his or her portfolio and adjust holdings as conditions dictate. As in the U. S. , economic conditions overseas are constantly evolving, and political situations abroad can change quickly, particularly in emerging r frontier markets. Situations that once seemed promising may no longer be so, and countries that once seemed too risky might now be viable investment candidates (www. Investigated. Com, 2014). Final Exam The response to each question or statement is either True or False. 1. A business organized as a separate legal entity owned by stockholders is a partnership. 2. External users of accounting information are managers who plan, organize, and run a business. 3. Two primary external users of accounting information are investors and creditors. 4. Financing activities for corporations include borrowing money and selling shares of their own stock. 5.Income will always be greater under the cash basis of accounting than under the accrual basis of accounting. 6. The difference between unearned revenue and accrued revenue is that accrued revenue has been recorded and needs adjusting and unearned revenue has never been recorded. 7. Cash is a temporary account. 8. Bonding means insuring a company against theft by employees. 9. The treasurer should prepare and sign a check only after authorization to issue a check has been provided. 10. Using borrowed money to increase the rate of return on common stockholders' equity is called â€Å"trading on the equity.The extent of internal control features adopted by a company must be evaluated in terms of cost-benefit. 11. A good system of internal control will safeguard its assets and enhance the accuracy and reliability of its accounting records. 12. All reconciling items in determining the adjusted cash balance per books require the depositor to make adjusting Journal entries to the Cash account. 13. Cash equivalents include money market accounts, commercial paper, and U. S. Treasury bills held for ninety days or less. 14. A basic principle of cash management is to increase the speed of paying liabilities. 5.A cash budget contributes to more effective cash management. 16. A change in accounting principle occurs when the principle used in the current year is different from the one used by competitors in the current year. 17. If a company has sales of $110 in 2007 and $154 in 2006, the percentage decrease in sales from 2006 to 2007 i s 140%. 18. In a common size income statement, each item is expressed as a percentage of net income. 19. Profitability ratios are frequently used as a basis for evaluating management's operating effectiveness 20. Inventory turnover is a measure of equity that focuses on efficient use of inventory. 1 . The current ratio is a measure of all the ratios calculated for the current year. 22. From a creditor's point of view, the higher the total debt to total assets ratio, the lower the risk that the company may be unable to pay its obligations. 23. Alternative accounting methods affect the quality of earnings 24. Because pro formal earnings are based on specific rules, these amounts are highly reliable. Section II: Multiple Choice Choose your response from one of the possible answers provided. 26. A business organized as a corporation ). Is not a separate legal entity in most states. ). Requires that stockholders be personally liable for the debts of the business. C). Is owned by its stoc kholders. D). Has tax advantages over a proprietorship or partnership. 27. Which of the following is not one of the three forms of business organization? A). Corporations. B). Partnerships. C). Proprietorships. D). Investors. 28. An advantage of the corporate form of business is that a). It has limited life. B). Its owner's personal resources are at stake. C). Its ownership is easily transferable via the sale of shares of stock. ). It is simple to establish. 29.The group of users of accounting information charged with achieving the goals of the business is its a). Auditors. B). Investors. C). Managers. D). Creditors. 30. Which of the following is a primary user of accounting information with a direct financial interest in the business? A). Taxing authority b). Creditor c). Regulatory agency d). Labor union 31 . An income statement a). Summarizes the changes in retained earnings for a specific period of time. B). Reports the changes in assets, liabilities, and stockholders' equity ov er a period of time. C). Ports the assets, liabilities, and stockholders' equity at a specific date. ). Presents the revenues and expenses for a specific period of time. 32. Which financial statement is prepared first? A). Balance sheet b). Lonesome statement c). Retained earnings statement d). Statement of cash flows 33. Which one of the following is not a Justification for adjusting entries? A). AdJusting entries are necessary to ensure that revenue recognition principles are followed. B). AdJusting entries are necessary to ensure that the matching principle is followed. C). AdJusting entries are necessary to enable financial statements to be in conformity tit GAP. D).AdJusting entries are necessary to bring the general ledger accounts in line with the budget. 34. If a resource has been consumed but a bill has not been received at the end of the accounting period, then a). An expense should be recorded when the bill is received. B). An expense should be recorded when the cash is p aid out. C). An adjusting entry should be made recognizing the expense. D). It is optional whether to record the expense before the bill is received. 35. An adjusting entry would not include which of the following accounts? A). Cash b). Lintiest Receivable ).Property Tax Payable d). Unearned Revenue 36. At December 31, 2007, before any year-end adjustments, Boils Company's Prepaid Insurance account had a balance of $2,700. It was determined that $1,500 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year would be a). $l ,500. 0. $2,700. D). $1,900. 37. Which one of the following is not an objective of a system of internal controls? A). Safeguard company assets b). Overstate liabilities in order to be conservative c). Enhance the accuracy and reliability of accounting records d).Reduce the risks of errors 38. Which one of the following would be considered a long-term solvency ratio? A). Receivables turnover b). Return on total assets c). Curre nt cash debt coverage ratio.